SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $19.00 by Analysts at JPMorgan Chase & Co.

SolarEdge Technologies (NASDAQ:SEDG) had its price objective decreased by JPMorgan Chase & Co. from $21.00 to $19.00 in a research report sent to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

A number of other research analysts also recently commented on the company. Citigroup reaffirmed a “sell” rating and issued a $9.00 price target (down previously from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. The Goldman Sachs Group upped their target price on SolarEdge Technologies from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Canaccord Genuity Group lifted their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday, January 7th. Mizuho lowered shares of SolarEdge Technologies from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $35.00 to $11.00 in a report on Thursday, November 7th. Finally, Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $21.00 to $14.00 in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, SolarEdge Technologies presently has an average rating of “Hold” and a consensus price target of $20.84.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $14.68 on Thursday. The stock has a 50 day moving average of $13.96 and a 200-day moving average of $18.92. SolarEdge Technologies has a 12 month low of $10.24 and a 12 month high of $87.98. The company has a market capitalization of $850.71 million, a P/E ratio of -0.51 and a beta of 1.56. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the business posted ($1.03) earnings per share. SolarEdge Technologies’s revenue was down 64.0% compared to the same quarter last year. As a group, equities research analysts predict that SolarEdge Technologies will post -23.2 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery bought 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SEDG. Quarry LP bought a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $36,627,000. Assenagon Asset Management S.A. boosted its stake in shares of SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after purchasing an additional 564,490 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of SolarEdge Technologies by 425.1% during the 2nd quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares during the last quarter. Soros Fund Management LLC purchased a new position in SolarEdge Technologies in the 3rd quarter worth $5,293,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the last quarter. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.